August is typically a quiet month for IPOs, but this year, Bullish, Figma and Firefly Aerospace have ignited the new-issues market.

The ideal first-day gains are typically around 20% to 30%, many bankers who work on deals say. Bullish closed the day at $68, giving it a market capitalization of roughly $10 billion. Its stock, which trades under the symbol “BLSH,” was temporarily paused after it began trading.

Bullish, a crypto exchange operator, stunned the market with a 90% rise in its stock price during its IPO, surpassing a $10 billion market cap. The company's strong institutional backing and the bullish trend in cryptocurrency paved the way for its explosive debut.